The Story so Far
The rental market in the Greater Toronto Area is, to nobody’s surprise, extremely expensive. Brampton, unfortunately, is no exception to this.
Short-term rentals (STR) are one direction in addressing the lack of housing issue, however, changes are being made to how they are governed.
What is Changing?
As of September 30, 2021, all new and existing STR operators will require a license to operate legally that must be issued by the city.
The city defines an STR as “all or part of a dwelling unit is used to provide sleeping accommodations for any rental period that is less than 30 consecutive days in exchange for payment”. This includes, but is not limited to, Airbnb, Vrbo, & FlipKey.
Anything Else We Should Know?
- An STR is permitted in a landlord’s principal residence for a maximum of 180 days per calendar year
- No more than 3 bedrooms are to be rented individually
- The property owner must have proof of Commercial General Liability Insurance
- STR operators are required to renew their license annually
- Any STR host who contravenes the provisions of the by-law is guilty of an offence and liable to fines and other penalties
Written by: Nathaniel Chim, Realtor on 10/03/21